May 2023

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Federal Reserve Releases Supervision and Regulation Report

The Federal Reserve promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system. It is responsible for supervising—monitoring, inspecting, and examining—certain financial institutions...

May 26: CFPB Updates This Week

May 24, 2023 Overdraft/NSF Revenue in Q4 2022 down nearly 50% versus pre-pandemic levels Overdraft/NSF revenue for the fourth quarter of 2022 alone was approximately $1.5 billion lower than in...

NCUA Board Meeting Summary

May 25, 2023 — The NCUA Board had two items on the May agenda, the Share Insurance Fund (SIF) quarterly board briefing and a proposed rule that would amend Part 721 of...

Operational Resilience Preparation a Top Priority for Financial Institutions

In the UK and many other major economies, operational resilience remains a key regulatory focus area. The current and projected economic climate will likely be one in which many financial services firms ...

OPINION: These States Will Be Hit the Hardest If the US Debt Ceiling Standoff Isn’t Resolved

As leaders in Washington fail to make progress on a debt ceiling deal, Moody’s Analytics is warning of disastrous implications for American jobs if the United States defaults on its debt for an extended period.

CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees

New circular addresses illegal “reopening” of deposit accounts that can hit consumers with junk fees The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may...

May 5: CFPB Updates This Week

Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care...

Notice and Summary: FDIC’s Releases a Comprehensive Overview of the Deposit Insurance System

On May 1st, the FDIC released a report titled “Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform” along with a statement from FDIC Chairman Martin J....